Greystar Real Estate Partners, a global leader in the investment, development, and management of residential real estate, announced on behalf of its affiliates the final closing of Greystar Equity Partners XI (GEP XI), which had aggregate equity commitments of $1.9 billion.
As a discretionary and comingled vehicle, GEP XI offers a strategic allocation to development and alternative rental residential sectors, offering access to Greystar’s living sector pipeline across both value-add acquisitions and development.
Since 2011, Greystar has raised over $6.5 billion for its flagship value-add fund series. The fund plans to utilize Greystar’s vertically integrated platform to create operating efficiencies, implement strategic capital improvements, and drive value across the GEP XI portfolio.
Greystar is a leading and fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, life sciences sectors, etc. Based in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region.
Plus, Greystar is the largest operator of apartments in the United States, manages over 893,600 units/beds globally, and has a solid institutional investment management platform comprised of over $78 billion of assets under management, including over $35 billion of development assets.
KEY QUOTES:
“We have maintained an unwavering focus on consistently refining our value-add strategy in an effort to deliver attractive risk-adjusted performance and build strong relationships with our partners. We take immense pride in the GEP series. We believe our value-add rental housing strategy offers an attractive opportunity to invest in U.S. housing and add sorely needed higher quality supply for the large and growing cohort of young professionals, middle income families, and price conscious renters. We are grateful for the trust that our new and ongoing partners place in us.”
– Wes Fuller, Greystar’s Chief Investment Officer
“Our platform is strategically designed to offer expertise and diversification across many rental housing sectors in North America. We believe GEP XI will benefit from Greystar’s framework to identify relative value among multifamily, student, build-for-rent single-family rentals, and active adult properties. With nearly $1.5 billion in dry powder, we’re excited about seizing current market opportunities and further enhancing Greystar’s flagship fund series.”
– Kevin Kaberna, Executive Director and leader of Greystar’s North America Investment Management business
